UK Pensions
- Do you have a pension in the UK?
- Have you worked in the UK and left behind your pension?
- Do you know what the tax implications are of leaving it in the UK?
- Do you know that you can transfer it to New Zealand at no cost?
- Do you know that in most cases, if you transfer the pension within four years of arriving in NZ, you can do so without significant tax implications.
- Do you want to transfer but are worried about the exchange rate
- Do you want to talk to an experienced Financial Adviser and Chartered Accountant who can provide you with good quality Investment Advice, speak with you about the tax implications and can design a bespoke pension fund for you, where you can have input into the investment decisions?
You may already have a UK Pension you have transferred to a New Zealand QROPs scheme and would like to see if it is still the right option for you to make sure the fees you are paying are reasonable and that the plan is achieving its original goal.
We all know about the horror stories of UK Pensions, and we all know how fees can eat away at your returns, and paying fees upfront for your transfer can set your retirement savings back several years, in the same way, a sudden market correction can.
We will discuss the options with you for your pension. If the initial discussion suggests that the right option is to move the pension to New Zealand, we will progress to the next meeting.
In this meeting, we will follow our advice process, work through your goals and objectives, look at your risk profile, what the most suitable option is for you, and what level of ongoing service will be suitable for you. We will also take into account your broader financial situation and include this if you want. Then, through our modelling software, we can bring the future to life for you.
If at any time we believe it is in your interest to leave your pension in the UK, we will tell you.
Some things you should be aware of:
- Transferring your pension is not always advisable. First, you need to understand all the benefits you will be losing.
- You also need to understand how the financial markets could impact your pension and how the exchange rate can impact.
- You need to understand the tax implications of either transferring or not transferring. As a financial adviser and Chartered Accountant, we can assist with this.
- Your pension must be invested into a QROP’s scheme. There are many of these. We will help with navigating this minefield.
- UK Companies are slow to respond at times, and transfers can take up to six months